SINGAPORE (ICIS)--South Korea’s LG Chem has signed a Memorandum of Understanding (MoU) with Italy’s Versalis to establish a strategic partnership aimed at entering the European synthetic resins market, Versalis said in a news release on Thursday.

Versalis is the chemical business of Eni, which has a significant market share in Europe.

Versalis will import premium synthetic resins from LG Chem, using the South Korean company’s proprietary polymerisation technology known as metallocene catalyst, according to the news release.

A major outcome of the MoU is a contract for LG Chem to supply Versalis with metallocene linear low density polyethylene (MLLDPE).